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During the startup phase, you wear every hat under the
sun-you're president, marketing manager, maintenance crew and
accountant. As your company grows, you'll have to delegate and
outsource some of those jobs, but how do you decide when it's
cost-effective to outsource some of your daily tasks?

There's no exact equation to determine the right time, says
Jeff Bolton, a partner at Daszkal Bolton LLP, an accounting firm in Boca
Raton, Florida. "Before [an entrepreneur] is willing to
analyze what to outsource, they need to analyze what they do best,
and how much time they spend on what they do best," he says.
"If somebody's an outstanding technician or salesperson or
creative person, we want them to spend the most amount of time in
those areas."

It's sort of the reverse way to look at outsourcing, says
Bolton, but it's key in determining the value of your time as a
business owner. "[What if] every time you stand up to bat in a
situation in your highest core competency, [you] hit it out of the
park?" asks Bolton. "What would happen to your business
if you were up to bat more often?" Two hours spent bookkeeping
per day could be outsourced, giving you more time to exercise
whichever skill would bring in more revenue to your company, says
Bolton. Perhaps you could make sales calls or form new strategic
partnerships for the amount of time equal to that administrative
task.

When to stop doing those time-consuming tasks is a decision
you've got to make for yourself. "I don't think
there's an equation past the logical," Bolton says.
"I view it as the highest and best use, as opposed to 'Can
I do it cheaper internally or externally?'" For instance,
you may be technically saving money by doing payroll services
yourself, but when you consider the revenue you missed out on
during those 10 hours per week, you'll end up behind.
"It's not a pure mathematical decision," notes
Bolton. "It's an opportunity cost."